Deloitte unveils Middle East Center of Excellence for Oracle AI agents
Dubai, UAE - Deloitte Middle East has announced the launch of its Middle East Centre of Excellence for Oracle AI...
Business
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
Business
Economy
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
- The bilateral non-oil trade in H1 reached US$57.6 million, surpassing the total recorded for the whole of 2020
- Until now, the UAE has successfully concluded CEPAs with India, Indonesia, Israel, Türkiye, Cambodia and Georgia
Business
Abu Dhabi council review budget, sports development
Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local...
- The board reviewed the general financial budget for 2024, which reflects the strong performance of the council and its impact on the sports sector
- They also reviewed the strategic and operational performance report for the first half of 2023 and the performance indicators report
Business
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
- The performance of the market and the exceptional figures recorded underscore the attractiveness of real estate investments in Ajman
- This is basically due to the growing demand for properties of all categories, price ranges and a comfortable lifestyle.
Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
- These compensations were given primarily to deal with issues such as delays, loss of luggage, flight cancellations.
- GACA aims to ensure that passengers are well-informed about their rights and can easily obtain refunds as per the regulations.
Business
Erdogan invites Musk to establish his next Tesla factory in Turkey
"President Erdogan called on Tesla to establish its seventh factory in Turkey," the Turkish leader's office said.
- Erdogan and Musk have held a series of meetings, developing a seeming friendship that they extended on Sunday in New York.
- Local reports said said Musk told Erdogan that his country was "among the most important candidates" for the new factory
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.
Business
Shares in Chinese property giant Evergrande plunge after employees’ arrest
Evergrande, the world's most-indebted property developer with an estimated debt of $328 billion (307 billion euros) at the end of...
- Evergrande's stock price dipped to 0.47 around 9 am in Hong Kong (0100 GMT) on Monday, before ticking back up, after closing at 0.62 Hong Kong dollars on Friday
- The drop comes two days after police of the Shenzhen said in a statement that several employees of Evergrande's financial subsidiary were arrested
Business
QOIS inks share purchase, swap deal
QOIS is a Qatari public shareholding company.
- QOIS purchased the shares of the National Real Estate Development and Investment (OSOS) in Muzn Oman, for $1,984,318
- QOIS then exchanged its share in Muzn Oman of 37.68 percent, for the 10 percent share of Omani Ministry of Defense Pension Funds in OSOS
Deloitte unveils Middle East Center of Excellence for Oracle AI agents
Dubai, UAE - Deloitte Middle East has announced the launch of its Middle East Centre of Excellence for Oracle AI...
Business
Company News
Lloyds Group profit is $6.2bn
Business
Latest News
Rolls-Royce back into profit
Business
Nestle net profits up 20.9%
Business
Qantas half-year profits slide
Business
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
Business
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Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
- Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
- A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
Business
Expo Centre Sharjah gives peek into its plan to attract new exhibitors
Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector...
- The ECS intends to expand its operational capacities, augment exhibition areas and venues thereby enticing a broader spectrum of international exhibitors
- The plan was outlined in a meeting of the board of directors designed to meet the business community's aspirations, by providing premier platforms for showcasing products
Economy
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
- The PMI jumped to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction
- The PMI data showed that the new export orders rose into positive territory, breaking an 11-month slump